PG Electroplast Limited (PGEL) Q2 Results FY27 Preview: Date, Time, Expectations & Key Things To Watch

PG Electroplast is one of India's largest electronics manufacturing services and product companies, making room ACs, washing machines and refrigerators for consumer brands, and it enters this quarter's print after its first-ever Rs. 2,000+ crore revenue quarter in Q1 FY27. The Q2 numbers will speak to two things: whether the ~8% ex-PLI operating margin path survives a sharp copper, aluminium and resin cost run-up, and how far the Rs. 1,278.2 Cr inventory pile draws down before the October 1 industry price hikes kick in.

PG Electroplast Limited Q2 Results Date and Time

PG Electroplast's board meets on October 27, 2026 to consider and approve the audited financial results for the quarter ended September 30, 2026 (Q2 FY 2026-2027).

Separately from these results, the company has declared a final dividend of 25% (Rs. 0.25 per share) for FY26, with a record date of September 18, 2026 and payment due by October 28, 2026. The dividend was approved at the 24th AGM held on September 29, 2026.

Key Things To Watch

Performance vs guidance tracking: Management's FY27 scorecard from the August 7, 2026 call, and where each item stands.

• Operating margin ex-PLI/ex-incentives — ~8% for FY27 vs 7.3% in Q1 — Q2 progression and the December-quarter normalization claim
• Volume growth >20% and revenue growth 25-30% (FY27 and FY28); surpass FY25 earnings contingent on strong H2
• Washing machine growth upwards of 30-35% (FY27) vs +67% in Q1; WM revenue share ~15% on open-ended 'medium term' guidance
• Inventory trajectory vs the missed sub-Rs. 900 Cr June target (actual Rs. 1,278.2 Cr at Jun'26); PLI ~Rs. 71 Cr for FY27 with NGM PLI; FY27 capex ~Rs. 400 Cr; asset turn 4x plus by 2029

Compressor and refrigerator plant timelines: New-capacity commissioning updates expected on the call.

• Compressor plant: commercial operations October/November, mass production and supply by December/January; second 2-million Supa line decision due April/May
• Refrigerator plant (Sricity, 1.2 million units): mass production December/January; anchor customer committed to 30-35% of capacity
• Salarpur commercial operations targeted Sept 30, 2026 and DMIC Greater Noida (1.8 million washing machines p.a.) targeted Aug 31, 2026; Unit 5 sale (Rs. 14.49 Cr) due by Aug 31, 2026 and PGTL Ecotech relocation by Sept 2026

Margin bridge and commodity pass-through: The quarter's dominant swing factor.

• Q2 EBITDA margin vs 7.7% reported / 7.3% ex-PLI in Q1; quantification of the commodity and FX drag on gross contribution (14.5% in Q1 vs 15.9% YoY)
• Whether the 5-8% industry price hikes effective October 1 keep the 'normalization by December' path intact; price increases flagged for the December quarter
• Extent of pass-through on the unquantified washing machine margin impact from plastic resin prices and currency depreciation

Inventory and working capital: The key operational lag from Q1.

• Q2-end inventory vs Rs. 1,278.2 Cr at Jun'26 and the abandoned sub-Rs. 900 Cr target; direction of inventory days (99.5) and cash conversion cycle (62.6 days)
• FX/commodity revaluation of the high-cost AC stock (5 lakh units at ~Rs. 940 Cr vs Rs. 700 Cr a year ago)
• Operating cash flow against the FY27 improvement pledge (FY26 OCF was just Rs. 66.2 Cr)

Compressor import-restriction timeline: Management-flagged risk with a policy update since the last call.

• Government eased curbs on Sept 2, 2026 — imports permitted up to 40% of FY25 volumes for refrigerator compressors and 30% for AC compressors until March 2027, softer than the earlier 25% framing
• Imports remain disallowed after March 31, 2027 per management's framing; watch for any evidence of the flagged January/February availability shortfall